Quick answer: easier actually, in my opinion. I didn’t take the exam this year and I am not taking it next year nor any year after that so perhaps I’m wrong.
A few nights ago, a CPA exam candidate was bitching about studying so I threw in my whining about digging into new CPA exam content for next year. Cry cry, we all have it rough.
Long story short, since I was stuck shuffling through new content anyway she asked an easy 2011 question.
Can you tell me if FAR will be that much harder in 2011? I don’t think I’ll get my NTS in time to schedule for 2010
How many of you are in that boat right now? I’ve seen quite a few of you making plans to knock out two exam parts this year that have just put in your applications; I’m truly sorry to be the one to break this to you but chances are you aren’t going to get in this year. It’s good to be realistic going into this, anyone could lie to you and say in 4 – 6 weeks you’ll have an exam date. Even if you do get approved to sit right now you still have to wait for payment coupons and NTSs, by the time all that is in your hand all the exam dates will be taken. Don’t trip, next year it will be easier and here is why:
Simulations: Big ass simulations are broken up into little parts so you can totally blow a few of them and have several different topics coming at you instead of just two. So if you’re not so hot on pensions, you still have 5 or 6 other chances to do well on simulation problems. In 2010, if you didn’t study the indirect method you better hope you don’t get it or else you’ve blown it. For candidates who have sat this year, you’ve likely already seen them testing out the new format.
Written Communication: You get a spell checker in written communication AND you only have to do essays once (unless you fail BEC). Come on, written communications are easy already, you don’t even have to be right you just have to rite good. In 2011, you won’t have to write 6 different essays in 3 sections but just 3 in 1. That’s a win. Throw in the spell checker and I really wonder why some of you are scrambling to take BEC this year so you don’t have to in 2011. Is writing that bad? Get used to it, you’re going to be writing a lot of unnecessary emails and it’s an important skill to have. You can’t protect the public interest if ur writin liek this. Point being, FAR won’t have written communication for those of you morally opposed to writing anything.
IFRS Just about everything you’ve learned in 2010 will still be relevant in 2011, especially in FAR. No one is throwing out GAAP (even our super excited friends at the AICPA who can’t wait for IFRS!) and some areas of FAR aren’t impacted by IFRS at all. It appears throughout FAR but you shouldn’t be too freaked out by it because you don’t have to be an IFRS expert to nail the material. Just read, learn and pass. It’s really simple. The questions will likely stay mild until the AICPA Board of Examiners figures out whether or not this was a good idea a few quarters down the road. Conservatism dictates they’ll take it slow with international content until we’re actually 100% on this convergence thing so don’t freak out, IFRS makes a lot more sense than cost accounting ever will.
Not bad right?
Here’s where the old timers chime in and tell us all about back in the day when you didn’t get a calculator and had to walk uphill both ways to get to an auditorium in the middle of nowhere for a 17-day marathon of CPA exam testing. In the dark. With no scratch paper. Commence telling us about the “Before Time” please.